Fintech

RBI bars Kotak Bank from adding new online customers and credit cards

Fintech /

India’s central bank on Wednesday ordered Kotak Mahindra Bank to immediately cease onboarding new customers via its online and mobile banking channels and to stop issuing fresh credit cards, citing serious deficiencies in the bank’s IT systems and risk management practices. Kotak Mahindra Bank is India’s fourth most valuable bank. It’s also one of the […]

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Fintech Fundid was shut down over interest rates and a strained cap table

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Winding down a startup can be bittersweet for founders. In the case of Fundid, rising interest rates killed the business finance startup. But VCs and partners hurt it, too, founder Stefanie Sample says. TechCrunch profiled the company in 2022 when Sample raised $3.25 million in seed funding backed by fintech investor Nevcaut Ventures, The Artemis

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‘Send now, pay later’ startup Pomelo lands $35M Series A from secretive Vy Capital, Founders Fund

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Pomelo, a startup that combines international money transfer with credit, has raised $35 million in a Series A round led by Dubai venture firm Vy Capital, TechCrunch has exclusively learned. Additionally, the company is announcing a $75 million expansion of its warehouse facility. Founders Fund and A* Capital also participated in the financing, along with

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SoftBank-backed TabaPay is buying the assets of a16z-backed Synapse, after it filed for bankruptcy

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After a tumultuous year, banking-as-a-service (BaaS) startup Synapse has filed for Chapter 11 bankruptcy and its assets will be acquired by TabaPay, according to the two companies. The deal is pending bankruptcy court approval. Founded in 2017, Mountain View-based TabaPay is an instant money movement platform that SoftBank backed in a 2022 round of an

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Fintech startup Ramp sees 32% bump in valuation, Mercury expands into consumer banking

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Welcome to TechCrunch Fintech! This week, we’re looking at Ramp’s big raise and valuation jump, Mercury’s move into personal banking, Klarna’s new credit card, global funding rounds and more! To get a roundup of TechCrunch’s biggest and most important fintech stories delivered to your inbox every Sunday at 7:00 a.m. PT, subscribe here.  The big story Ramp,

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Notable Capital’s Hans Tung on the state of VC and the upside to down rounds

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To some investors, “down round” is a dirty phrase, but not to Notable Capital’s Hans Tung. Hans is a managing partner at Notable Capital, formerly GGV Capital, a venture firm focusing on investments in the U.S., Latin America, Israel, and Europe. Hans, whose portfolio includes the likes of Airbnb, StockX and Slack, sat down with

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Equities platform Midas raises $45M Series A as fintech retains its sparkle in Turkey

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Midas, a fintech startup that allows people in Turkey to invest in U.S. and Turkish equities, says it has raised $45 million in a funding round led by Portage of Canada. The startup is aimed at Turkey’s retail investor market and claims to have more than 2 million users. Its pitch is that it charges

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Fintech CRED secures in-principle approval for payment aggregator license

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CRED has received the in-principle approval for a payment aggregator license in a boost to the Indian fintech startup that could help it better serve its customers and launch new products and experiment with ideas faster. The Bengaluru-headquartered startup, valued at $6.4 billion, received the in-principle approval from the Reserve Bank of India (RBI) for

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Ramp raises another $150M co-led by Khosla and Founders Fund at a $7.65B valuation

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Spend management startup Ramp has raised another $150 million at a post-money valuation of $7.65 billion, the company confirmed to TechCrunch today. New investor Khosla Ventures and existing backer Founders Fund co-led the raise, which also included participation from new backers Sequoia Capital, Greylock and 8VC. Other existing investors Thrive Capital, General Catalyst, Sands Capital,

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Fintech Mercury, whose B2B business is caught up in regulatory scrutiny, expands into consumer banking

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Business banking startup Mercury, founded in 2017, is now launching a consumer banking product. Mercury today serves more than 100,000 businesses, many of which are startups, via its B2B practice. The expansion is a natural move for the company and one that has been in the works for a couple of years, according to Immad

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